$1,450,000
Tempe, AZ 85281
MLS# 5964560
Status: Closed
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Property Description
The Beck consists of (10) 1-bedroom units in a mid-century, block-constructed, single-story building. Many upgrades have been done on the property with a full exterior renovation and full interior updating on a number of the units. Washer / dryers have been added to 3 of the units as well. Value-add opportunity exists by continuing to raise rents, as well as through completing the interior renovations to the remaining units. The Beck is a single-story, 10-unit apartment building in the heart of Tempe and next to Arizona State University, one of the largest universities in the United States. The property is located just west of the famed Mill Avenue corridor and just south of Tempe Town Lake.
Details
Maps
Contract Info
Current Price: $1,450,000
Sold Price: $1,450,000
Status: Closed
List Date: 2019-08-13
Ownership: Fee Simple
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: R36
House Number: 402
Compass: S
Street Name: BECK
St Suffix: Avenue
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
Zip4: 2457
Country: USA
County Code: Maricopa
Legal Description (Abbrev): PECAN GROVE ESTATES LOT 3 EX E 107.33' AS MEAS ALG S LN
Subdivision: PECAN GROVE ESTATES
Assessor's Map #: 28
Assessor's Parcel #: 11
Assessor Parcel Ltr: C
Add'l Parcels: Yes
Assessor Number: 124-28-011-C
Legal: PECAN GROVE ESTATES LOT 3 EX E 107.33' AS MEAS ALG S LN
Census Tract: 318800
Tax Municipality: Tempe
Taxes: 4433
Tax Year: 2018
Marketing Name: The Beck
General Property Description
Lot Size Dimensions: 165x94
Year Built: 1962
Uncvrd Parking Spcs: 8
Total # of Units: 10
# of Buildings: 3
Zoning: R-3
Elementary School District: Tempe Elementary School District
High School District: Tempe Union High School District
Remarks & Misc
Cross Street: Hardy & University
Directions: West on University to Beck, North on Beck to property on SW Corner of Beck Ave and W 4th Street.
Geo Lat: 33.426239
Geo Lon: -111.957221
Status Change Info
Status Change Date: 2020-01-17
Off Market Date: 2019-12-13
Under Contract Date: 2019-12-13
Close of Escrow Date: 2020-01-16
Sold Price: $1,450,000
Legal Info
Township: 1N
Range: 4E
Section: 16
Lot Number: 3
Income & Expenses
Owner Association: No
Annual Other Expense: 30310
Operating Exp: 34743
Other Income: 6916
Adjusted Gross Inc: 6916
Net Operating Income: 95570
Pmt & Rate Info
Cap Rate: 5.31
Equity: 1800000
1 Bedroom Units
# 1 Bedroom Units: 10
Avg Rent: 880.5
Avg SqFt: 585
# Baths: 1
Sold Info
Loan Type: Other
Payment Type: Other
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Property Features
Project Type: 5 - 12 Units
Construction: Block; Other (See Remarks)
Const - Finish: Brick Trim/Veneer; Other (See Remarks)
Roofing: Comp Shingle; Other (See Remarks)
Floors: Other
Sale Includes: Land & Building; Other (See Remarks)
Community Amenities: Pool; Other; See Remarks
Exterior Amenities: Landscape Wtr System; Other (See Remarks)
Interior Amenities: Other (See Remarks)
Appliances Included: Other (See Remarks)
Heating: Other; See Remarks
Cooling: Other; See Remarks
Water: City Franchise; Other; See Remarks
Sewer: Sewer - Public; Other (See Remarks)
Electric: Other (See Remarks)
Gas: Other (See Remarks)
Parking: Other (See Remarks)
Roads/Streets: Asphalt
Owner Pays: Water
Tenant Pays: Electric
Source of Fincl Data: Projected Proforma
Showing Notification Methods: Text; Email; Phone Call
Existing 1st Loan: Other (See Rmks)
Existing 1st Ln Type: Not Applicable
Existing 1st Ln Trms: Not Applicable
Existing 2nd Loan: Other (See Remarks)
Existing 2nd Ln Type: Not Applicable
Existing 2nd Ln Trms: Not Applicable
Existing 3rd Loan: Other (See Remarks)
Existing 3rd Ln Type: Not Applicable
Existing 3rd Ln Trms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Conventional; 1031 Exchange; Other (See Remarks)
Reports/Disclosures: Other (See Remarks)
Environmental: None
Supplements
It is a short bike ride to the ASU campus and the
nearest light rail station (at 3rd and Mill), both located approximately 1 mile
away. The location is as central is it gets and allows residents to enjoy, with ease,
so much of what Tempe has to offer. The Tempe Town Lake and Tempe Beach
Park are minutes away with year-round activities including water sports, multiple
annual music and food festivals, and more. The property is also just minutes to
both the 202 Freeway and the 143, allowing easy access to all parts of the
Valley. Also a short distance away is where the 2 million square foot State Farm
campus sits, as well as where many new projects are underway, making this area
of Tempe not only popular because of the University but also one of the most
desirable areas in all of Arizona to live and work. This is truly the bulls-eye of the
Phoenix metropolitan area.
Listing Office: ABI Multifamily
Last Updated: August - 06 - 2021
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
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